Hycroft Delivers 55% Growth in Mineral Resources

Rhea-AI Summary

Hycroft (Nasdaq: HYMC) filed an updated Technical Report (effective Jan 21, 2026) showing Measured & Indicated mineral resources grew ~55% for both gold and silver.

Key metrics: 16.4M oz gold and 562.6M oz silver (M+I); initial high‑grade silver 90.2M oz (M+I). Metallurgy shows robust recoveries (~83% gold, 78% silver), using a POX + milling and heap leach flowsheet. Commodity assumptions: $3,100/oz gold, $36/oz silver. The MRE excludes drill results from the 2025–2026 program and reflects 70 drill holes, new geologic interpretations, and metallurgical test work.

Positive

• M&I resources +55% for both gold and silver
• 16.4M oz Au and 562.6M oz Ag reported (M+I)
• High‑grade silver initial resource of 90.2M oz Ag (M+I)
• POX metallurgy shows robust recoveries (~83% Au, ~78% Ag)

Negative

• Updated MRE excludes 2025–2026 drill results, limiting near‑term dataset
• Project economics depend on POX or roasting trade‑offs and associated capex/opex assumptions

Market Reaction

+19.02% $39.99

15m delay 84 alerts

+19.02% Since News

$39.99 Last Price

$35.09 $40.19 Day Range

+$531M Valuation Impact

$3.32B Market Cap

0.3x Rel. Volume

Following this news, HYMC has gained 19.02%, reflecting a significant positive market reaction. Our momentum scanner has triggered 84 alerts so far, indicating high trading interest and price volatility. The stock is currently trading at $39.99. This price movement has added approximately $531M to the company's valuation.

Data tracked by StockTitan Argus (15 min delayed). Upgrade to Silver for real-time data.

Key Figures

Gold resource (M+I): 16.4 million ounces Silver resource (M+I): 562.6 million ounces High‑grade silver resource: 90.2 million ounces +5 more

8 metrics

Gold resource (M+I) 16.4 million ounces Measured and Indicated Mineral Resources in updated MRE

Silver resource (M+I) 562.6 million ounces Measured and Indicated Mineral Resources in updated MRE

High‑grade silver resource 90.2 million ounces Initial high‑grade silver resource (M+I) with underground potential

Gold recovery (metallurgy) 83% Metallurgy demonstrates robust gold recoveries

Silver recovery (metallurgy) 78% Metallurgy demonstrates robust silver recoveries

Total mill gold recovery 82.8% Gold total recovery in mill flowsheet (flotation, POX, extraction)

Total mill silver recovery 77.5% Silver total recovery in mill flowsheet (flotation, POX, extraction)

Gold price assumption $3,100/oz Commodity price used in updated Mineral Resource Estimate

Market Reality Check

Price: $33.60 Vol: Volume 4,183,005 vs 20-da...

normal vol

$33.60 Last Close

Volume Volume 4,183,005 vs 20-day average 5,813,136, indicating below-typical trading activity into this news. normal

Technical Price $33.60 is trading above the 200-day MA of $11.41, reflecting strength versus its longer-term trend.

Peers on Argus

HYMC was down 5.49% while momentum peers such as TRX and VGZ were up (median mov...

2 Up 1 Down

HYMC was down 5.49% while momentum peers such as TRX and VGZ were up (median move about the low single digits), and one peer was down modestly. This mix points to a more stock-specific reaction than a uniform sector move.

Historical Context

5 past events · Latest: Dec 22 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 22	Exploration results	Positive	+49.3%	High‑grade Vortex silver intercepts with multiple very high silver assays.
Dec 15	Exploration update	Positive	-2.5%	Initial 2025–2026 program results showing highest silver grades and strong AuEq.
Dec 05	Stake transfer	Negative	-4.5%	AMC transferred most of its HYMC stake and warrants to Sprott Mining.
Oct 28	10-Q and update	Positive	+18.7%	Quarterly filing plus capital raises used to become debt free and fund work.
Oct 16	Debt repayment	Positive	+3.0%	Repayment of all remaining debt funded by 2025 equity offerings.

Pattern Detected

HYMC has generally reacted positively to operational and balance sheet progress, with one notable divergence on a positive exploration update.

Recent Company History

Over the past few months, HYMC has reported multiple operational milestones. An October 28, 2025 update highlighted becoming debt free after raising $235M, followed by an October 16, 2025 announcement of full debt repayment of $125.5M. Subsequent December 2025 releases detailed expanding high‑grade silver at Vortex, including intercepts above 400 g/t Ag. The new Mineral Resource Estimate with substantial gold and silver growth extends this trajectory of technical de‑risking and resource expansion at Hycroft Mine.

Regulatory & Risk Context

Active S-3 Shelf · $42,051,168

Shelf Active

Active S-3 Shelf Registration 2025-10-24

$42,051,168 registered capacity

An effective shelf amendment filed on Oct 24, 2025 registers 14,017,056 resale shares and up to 7,008,528 warrant shares at $6.00, which, if fully exercised for cash, could provide $42,051,168 for advancing Hycroft Mine and general purposes while enabling selling stockholders to dispose of registered shares.

Market Pulse Summary

The stock is surging +19.0% following this news. A strong positive reaction aligns with HYMC’s recen...

Analysis

The stock is surging +19.0% following this news. A strong positive reaction aligns with HYMC’s recent pattern, where operational milestones such as high‑grade discoveries and debt elimination have previously coincided with gains of up to 49.33%. The updated MRE, showing 55% growth in Measured and Indicated resources, and robust recoveries above 80% could support sustained interest. However, investors have faced dilution capacity via an S‑3/A and elevated short interest of 21.28%, which can both amplify and later normalize sharp moves.

Key Terms

measured and indicated mineral resources, inferred mineral resources, pressure oxidation ("POX"), technical report, +1 more

5 terms

measured and indicated mineral resources technical

"55% growth in both gold and silver Measured and Indicated Mineral Resources"

Measured and indicated mineral resources are estimates of how much ore and valuable material are present in a deposit, based on sampling, drilling and geological study. “Measured” denotes a high level of confidence in the quantity and quality, while “indicated” means there is reasonable but lower confidence; together they give investors a clearer picture of a project's size, potential revenue and risk—like using multiple spoonfuls to judge how much soup is in a pot before committing to cook it or buy it.

inferred mineral resources technical

"increases in Inferred Mineral Resources of 50% for gold and 38% for silver"

An inferred mineral resource is an estimate of the quantity and grade of minerals in the ground based on limited sampling and geological information, where confidence is low and continuity is uncertain. For investors it signals potential value but also higher risk—like a rough sketch of a hidden treasure that requires much more exploration and testing before you can reliably judge its size or economic worth.

pressure oxidation ("POX") technical

"utilizing milling and pressure oxidation ("POX") for sulfide and certain transition"

Pressure oxidation ("POX") is a high-temperature, high-pressure chemical treatment used to break down tough, sulfur-rich ores or concentrates so valuable metals like gold become accessible for extraction. Think of it as cooking a hard-to-open nut under steam and pressure so the edible part can be removed more easily. Investors care because POX can significantly raise metal recovery but also adds large upfront costs, operating expenses, technical risk, and permitting considerations that affect project economics.

technical report technical

"it has filed a third-party, independent Technical Report updating its Mineral"

A technical report is a detailed, expert-written document that explains the methods, data, results and risks behind a company’s engineering, scientific or operational claim — for example estimates of resources, product testing, or project feasibility. Investors use it like an independent inspection or blueprint: it reveals how solid the underlying work is, what assumptions were made and what could go wrong, helping assess value and risk before committing money.

regulation s-k regulatory

"under subpart 1300 and item 601 (96)(B)(iii) of Regulation S-K for an initial"

A set of U.S. Securities and Exchange Commission rules that tell public companies which narrative and qualitative details must be disclosed in filings, such as risk factors, management discussion, executive pay, legal proceedings and business description. Think of it as a standardized checklist or blueprint that ensures investors get the same types of background information from every company so they can compare risks, management quality and strategy before making investment decisions.

AI-generated analysis. Not financial advice.

16.4 million gold ounces / 562.6 million silver ounces (M+I)`

Initial High-Grade Silver Resource: 90.2 million silver ounces (M+I)

Metallurgy Demonstrates Robust Recoveries (83% gold, 78% silver)

WINNEMUCCA, Nev., Feb. 18, 2026 /PRNewswire/ -- Hycroft Mining Holding Corporation (Nasdaq: HYMC) ("Hycroft" or "the Company") is pleased to announce that it has filed a third-party, independent Technical Report updating its Mineral Resource estimate ("MRE") with an effective date as of January 21, 2026. Diane R. Garrett, President and Chief Executive Officer, commented: "Today's updated MRE reflects approximately 55% growth in both gold and silver Measured and Indicated Mineral Resources, and increases in Inferred Mineral Resources of 50% for gold and 38% for silver representing an impressive resource growth in what is already among the world's largest precious metals deposits."

Commodity prices used in the MRE are $3100/oz gold and $36/oz silver

Ms. Garrett continued, "Importantly, following only approximately 14 months of drilling since the discovery of two new high-grade silver systems, a high-grade mineral resource with underground potential has been established demonstrating the continuity of both the Brimstone and Vortex high-grade systems which remain open along strike and at depth."¹

The growth in overall mineral resources and the establishment of the high-grade mineral resource with underground potential reflect a combination of improved metallurgical performance, results from 70 drill holes, geologic modeling based on new interpretations, and commodity price assumptions. The MRE is based on a flowsheet utilizing milling and pressure oxidation ("POX") for sulfide and certain transition mineralization and heap leaching process for oxide and other transition mineralization.

Alex Davidson, Vice-President, Exploration commented: "Over the past three years we have advanced a comprehensive, integrated technical program of analyzing historical drilling, detailed field mapping, geochemical analysis on drill samples, soils, and rock chips, as well as induced polarization geophysics. This work, along with recognizing that there have been multiple mineralizing events at Hycroft, has enabled us to reinterpret the data and view the project through a new lens substantially elevating our understanding of the project geology and its potential. We now recognize there have been at least three distinct mineralizing events at Brimstone and at least two mineralizing events at Vortex – each representing a new pulse of metal introduced into the system."

POX and Roasting Trade-Off Studies

The Company is also extremely pleased with the results of the metallurgical test work for POX demonstrating higher gold recoveries and confirming silver recoveries. The robust POX metallurgical results represent another significant milestone in the advancement of the Hycroft Mine and a critically important step in defining the project as we move into the next phase toward commercial operation.

Mill Process Recoveries
Mill Recoveries	Flotation	POX	Extraction	Total
Gold	89.5 %	93.5 %	99.0 %	82.8 %	of (AuFA)
Silver	92.9 %	86.0 %	97.0 %	77.5 %	of (Total Silver Assay)
*From Table 11-18 in the MRE

The Company is continuing to evaluate a roasting process alternative, which could potentially provide a third revenue stream through the by-product production and sale of sulfuric acid needed in the lithium, copper, and fertilizer industries. Producing and selling sulfuric acid could essentially convert a significant neutralization cost in the POX process into a by-product revenue from the roasting process. Initial desktop analysis indicates operating costs and capital costs could be comparable to a POX process. The Company's ongoing roasting test work is focused on optimizing operating parameters, including temperature and retention times, in addition to project design and equipment selection.

1 Additional information regarding the updated Mineral Resource Estimate ("MRE") is included in the Company's Technical Report Summary filed with the U.S. Securities and Exchange Commission and available on EDGAR at www.sec.gov. Additional information is also available in the Company's corporate presentation at www.hycroftmining.com. Unless otherwise indicated, all figures are presented in metric units and U.S. dollars. The MRE incorporates drilling. results received through March 17, 2025. No drill results from the Company's 2025–2026 Drill Program are included in the MRE.

Technical Report Summary

The Technical Report was prepared in accordance with the reporting requirements of the United States ("US") Securities and Exchange Commission's ("SEC") Modernization of Property Disclosures of Mining Registrants under subpart 1300 and item 601 (96)(B)(iii) of Regulation S-K for an initial assessment ("IA"). A summary table of the mineral resource estimates can be found in the Appendix of this news release. The MRE supersedes Hycroft's Initial Assessment ("IA") filed on March 27, 2023.

Qualified Persons

This MRE has been prepared by Ausenco Engineering USA South Inc. ("Ausenco"), Independent Mining Consultants, Inc. ("IMC"), and WestLand Engineering & Environmental Services, Inc. ("Westland") for Hycroft Mining Holding Corporation ("Hycroft").

About Hycroft Mining Holding Corporation

Hycroft Mining Holding Corporation is a US-based gold and silver company exploring and developing Hycroft Mine, among the world's largest precious metals deposits, located in northern Nevada, a Tier-1 mining jurisdiction. After a long history of oxide heap leach operations, the Company is focused on completing technical studies to transition the Hycroft Mine into a milling operation for processing the sulfide ore. In addition, the Company is engaged in a robust exploration drill program to unlock the full potential of our expansive +64,000-acre land package, of which less than 10% has been explored. In 2023, Hycroft announced the discovery of two new high-grade silver systems within the known resource area and an expanded 2025-2026 drill program is designed to expand these two systems in addition to targeting new opportunities. These discoveries represent a significant value driver for the Hycroft Mine.

For further information, please contact:
E: info@hycroftmining.com
www.hycroftmining.com

Cautionary Note Regarding Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included in this press release and in public statements by our officers or representatives that address activities, events or developments that we expect or anticipate will or may occur in the future are forward-looking statements. These include, but are not limited to, statements regarding future business strategy, plans and goals, competitive strengths, the advancement and development of the Hycroft Mine, the results and implications of metallurgical analysis and test work, and the expansion and growth of our business.

Forward-looking statements are often identified by future or conditional words such as "estimate," "plan," "anticipate," "expect," "intend," "believe," "target," "budget," "may," "can," "will," "would," "could," "should," "seeks," "scheduled to" and similar words or expressions but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties, which could cause actual results to differ materially from those reflected in the statements. The risks include, but are not limited to: (i) risks related to changes in our operations at the Hycroft Mine, including risks associated with the cessation of mining operations at the Hycroft Mine; uncertainties concerning estimates of mineral resources; risks related to the lack of a completed feasibility study; risks related to metallurgical test work and process development; and risks related to our ability to re-establish commercially feasible mining and processing operations; and (ii) industry-related risks, including fluctuations in the price of gold and silver; the commercial success of, and risks related to, our exploration and development activities; uncertainties and risks related to our reliance on contractors and consultants; and the availability and cost of equipment, supplies, energy or reagents.

Any exploration target described in this press release does not represent, and should not be construed to be, an estimate of a mineral resource or mineral reserve. Ranges of potential tonnage and grade (or quality) of an exploration target are conceptual in nature; there has been insufficient exploration of the relevant property or properties to estimate a mineral resource; and it is uncertain if further exploration will result in the estimation of a mineral resource.

These and other risks may cause actual results to differ materially from those expressed or implied by the forward-looking statements, and the occurrence of one or more of these events or circumstances, alone or in combination with others, may have a material adverse effect on our business, cash flows, financial condition and results of operations. Please see the "Risk Factors" outlined in our Annual Report on Form 10-K for the year ended December 31, 2024, and in other reports filed with the SEC, for more information about these and other risks.

Given these risks and uncertainties, you are cautioned not to place undue reliance on these forward-looking statements. Although we have attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Although these forward-looking statements are based on assumptions that we believe are reasonable when made, forward-looking statements are not guarantees of future performance and actual results, performance or achievements may differ materially from those made in or suggested by the forward-looking statements in this press release.

Any forward-looking statements made in this press release speak only as of the date of this press release. We undertake no obligation to update these forward-looking statements or to publicly announce the results of any revisions to any of those statements to reflect future events or developments, except as required by law.

APPENDIX

Hycroft Mineral Resources as of January 21, 2026, Metric Units at $3,100/ oz Au and $36/ oz Ag
Classification	Cutoff Grade $ Net of Refining / tonne	Approximate Cutoff, AuEq g/t	Ktonnes	Gold	Silver	Sulfide	Contained Ounces
							Gold	Silver
				g/t	g/t	%	Oz x 1000	Oz x 1000
Heap Leach Resource
Measured	$2.07 - $4.00	0.027 - 0.055	84,364	0.164	3.80	1.83	446	10,322
Indicated	$2.07 - $4.00	0.027 - 0.055	100,131	0.147	2.95	1.54	475	9,492
Meas + Ind	$2.07 - $4.00	0.027 - 0.055	184,495	0.155	3.34	1.67	921	19,814
Inferred	$2.07 - $4.00	0.027 - 0.055	99,808	0.164	3.15	1.41	528	10,122
Flotation Mill + Concentrate Treatment by Pressure Oxidation and Cyanide Leach
Measured	$18.44	0.206	666,403	0.380	14.76	2.03	8,154	316,600
Indicated	$18.44	0.206	679,380	0.336	10.34	1.84	7,339	226,161
Meas + Ind	$18.44	0.206	1,345,783	0.358	12.53	1.93	15,493	542,761
Inferred	$18.44	0.206	416,991	0.336	9.14	1.76	4,505	122,725
Combined Mineral Resources, Leach Plus Mill
Measured	$2.07 - $18.44	0.027 - 0.206	750,767	0.356	13.53	2.01	8,600	326,922
Indicated	$2.07 - $18.44	0.027 - 0.206	779,512	0.311	9.39	1.80	7,814	235,653
Meas + Ind	$2.07 - $18.44	0.027 - 0.206	1,530,279	0.333	11.42	1.90	16,414	562,575
Inferred	$2.07 - $18.44	0.027 - 0.206	516,799	0.303	7.99	1.69	5,033	132,847

 

Notes:
1.	Mineral resources based on metal prices of $3,100/ oz Au and $36.00/ oz Ag
2.	Cutoffs are Income - Refining Cost = NSR
3.	Gold Equivalent for Heap Leach = Cyanide Gold + 0.0019 x Total Silver Assay
4.	Gold Equivalent for Mill + Pressure Oxidation = Fire Gold + 0.0107 x Total Silver Assay
5.	Numbers may not match exactly due to rounding
6.	Mineral resources are contained within a computer-generated optimized pit
7.	Total material in that pit is 4.92 billion tonnes
8.	All units on this table are metric: Ktonnes means 1,000 tonnes. Au and Ag grades are in grams per tonne (g/t)
9.	Mineral resources are not mineral reserves, and detailed economic considerations have not been applied
10.	Modifying factors for mine and process design have not been applied

 

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SOURCE Hycroft Mining Holding Corporation

FAQ

What mineral resource growth did Hycroft (HYMC) report on February 18, 2026?

Hycroft reported approximately 55% growth in Measured & Indicated gold and silver resources. According to the company, this update reflects new drilling, geologic reinterpretation, and metallurgical improvements effective January 21, 2026.

How many gold and silver ounces does Hycroft (HYMC) list in the updated MRE?

The MRE lists 16.4 million ounces of gold and 562.6 million ounces of silver in Measured & Indicated categories. According to the company, those figures are based on the January 21, 2026 effective date and stated commodity assumptions.

What high‑grade silver resource did Hycroft (HYMC) establish in the 2026 update?

Hycroft established an initial 90.2 million ounce high‑grade silver Measured & Indicated resource with underground potential. According to the company, the Brimstone and Vortex systems show continuity and remain open along strike and at depth.

What metallurgical recoveries did Hycroft (HYMC) report in the Technical Report?

The company reported robust metallurgical recoveries of about 83% for gold and 78% for silver using a POX plus milling and heap leach flowsheet. According to the company, POX test work notably improved gold recoveries.

What commodity prices did Hycroft (HYMC) use for the January 21, 2026 MRE?

Hycroft used commodity price assumptions of $3,100 per ounce for gold and $36 per ounce for silver. According to the company, those prices underpin the updated resource classification and economic assumptions.

Does the updated Hycroft (HYMC) MRE include 2025–2026 drill results?

No, the updated MRE does not include drill results from the 2025–2026 program; it incorporates drilling through March 17, 2025. According to the company, the 2025–2026 drill results were not part of the effective‑date dataset.